 |
Market Research Report
Tire Cord |
||||||
| Published by | Global Industry Analysts, Inc. | Product code | 121169 | ||||
| Published | Content info | 280 Pages Delivery time: 1-2 business days |
|||||
| Price |
|
||||||
| Tire Cord | ||
| Published: September 1, 2020 | Content info: 280 Pages |
|
The global market for Tire Cord is projected to reach US$6.5 billion by 2025, sustained by stable opportunities in emerging markets as mature markets saturate in terms of sales potential. Automotive sales in developed and developing markets are on the opposite sides of the wave. Emerging markets will emerge as key revenue generating pockets as global production growth transitions from mature markets to emerging markets, a trend that will only intensify further over the long-term. A large chunk of production growth by 2025 will emerge from China, South Asia, Europe, South America, and Middle East and Africa. Although fraught with volatility, there are opportunities to leverage in the dynamically changing automotive market environment. "Innovation" will become the biggest levers for creating value and for remaining profitable in the changing automobile ecosystem. A strategic blend of product development/innovation, high level of technical knowledge, and robust customer support are vital parameters for success in the evolving future of the automotive value chain.
Tire cords are reinforcing materials for tires, designed to help tires retain their shape, strength to support the vehicle weight. They are the unsung heroes of tire safety. Steel cords although widely used and popular for their ability to absorb shock, withstand high stress and stability and safety during driving are now being replaced by lightweight rayon cord, nylon dipped cord, and polyester. Steel cords will however continue to dominate and remain popular given the robust penetration of radial tires which require high tensile strength. Spurred by benefits such as high road stability; low rolling resistance; higher retreadability; longer tire life; and higher resistance to punctures, steel cord is used widely in the production of pneumatic radial tires. Demand for tire cord in the replacement market is benefiting from the increase in fleet vehicles as a result of the ride hailing and ride sharing trend. Fleet vehicles typically travel longer vehicle miles, require frequent tire change and thereby create lucrative opportunities for tire cord in the manufacture of aftermarket/replacement tires. Emergence of bio-based and other environmentally sustainable alternatives to traditional tire cord materials will create opportunities for growth in developed markets like Europe which have stringent environment protection regulations. Other major trends influencing the market include continued use and dominance of low cost bias tires in developing Asian countries like India and the ensuing demand for nylon tire cord fabric in commercial vehicles; declining captive in-house tire cord capacity of integrated tire companies and increased opportunities for OE tire cord manufacturers and suppliers; growing R&D investments in tire cord fabrics aimed at offering higher safety, lower weight & increased cost savings. The U.S, China and Europe represent large markets worldwide with a combined share of 57.7% of the global market. As the cash cow for cars, China represents the fastest growing market with a 6.6% CAGR over the analysis period. Asia-Pacific follows next with a CAGR of 6.4% over the analysis period led by growing demand for passenger cars, commercial vehicles and off-road vehicles like construction and agricultural vehicles. While the affluent middle class population drives growth in the passenger cars market, rapid industrialization, urbanization and mechanization of agriculture rank as primary drivers for the growth in demand for off-highway vehicles.
Competitors identified in this market include, among others,
Trailer Tires Market with COVID-19 Impact Analysis, By Type, By Application Type, and By Region - Size, Share, & Forecast from 2021-2027
Global Tire Market by Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 - 2025F
Tire Chord and Tire Fabrics Market, By Product Type, By Region - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Tires
The Future of Disruptive Technologies in the Tire Industry to 2040
Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
Europe Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
Saudi Arabia Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
Research Report on China Tire Export 2020-2024
Global and China Tire Mold Industry Report, 2020-2026
